But common man not able to understand whom to chose out this list. Hence, I am writing this article about the skill. education, capability, mode of their income and reliability etc.

While selecting any one try to select one who has No or least conflict of interest and high skill and education.

Conflict of interest means putting their interest first instead of yours.

agent

Insurance Agent…

Most of the Insurance agents academic qualification is 10+2( Intermediate).

Few agents will do only Life Insurance business only, and some will do the combination of health, life, and General Insurance business.

Insurance Agents earning is in the way of commission only.

As their income comes from only from Insurance Policies, their tendency is always to sell an Insurance policy to the prospect.

Hence there is a high possibility of mis-selling by these agents.

Lic agents mis-sold Jeevan Saral and Bhima Gold and Money Plus heavily. Lack of skill and lack of intention doing good to the clients is the main reason behind this mis-selling.

For example,

In Life Insurance Term Insurance is the best policy. Term Insurance policy protects Policy Holder dependents in case of sudden death of the policyholder.

Life Insurance must be taken on the need base method. Some people do not need life insurance at all.

But the problem with these agents is they always sell life insurance who do not need. As Term Insurance brings lesser premium and lower premium means lower commission to these agents.

So, they will try to push other products like Endowment Life Insurance, Money back plans etc.

I have seen so many instances where these agents promised one type of policy(single premium), taking signatures on the empty Insurance proposal form and policy issued is Regular premium Policy( Where agent gets more commission).

Apart from this instead of trying to increase their skills to deliver good to the clients, they offer pay-out the commission the upfront commission that they receive from the Insurance Companies.

So, it is highly riskier to deal with these Insurance Agents as they have a high conflict of Interest.

They put their interest first not yours.

These agents thinking is always to get the new business with more regular premium so that their club memberships will remain the same.

Bank employees will not get a commission like Insurance Agents or Mutual Fund Distributor. But they used to get incentives for selling financial products to the bank customers.

Thanks to the steps taken by RBI and Sebi, incentives to Bank Employees decreased.

But wrong selling from the Bank Employees not yet stopped.

I have a friend who is Ex- Bank employee, for his job safety, he mis sold insurance and mutual funds to the bank customers so many times.

Banks will give targets to the Bank employees to sell insurance and mutual funds etc. As Bank is giving is pressure employees are mis selling

financial product in the bank.

Even though they have a good academic qualification, their skill and capability and reliability is not enough for you.

Frankly speaking, they always work for their Bank benefit. Hence there huge scope of wrong selling and high conflict of interest which already proved so many times.

Example

A cine Actor who deposited 3 cores in a Bank by giving power of attorney to the bank has lost more than 50% of the capital invested in three years. While the bank earned 50 lakh rupees in the way of commissions and fees from that investment.

Certified Financial Planner(CFP)…

When it comes to Personal Finance, CFP is the highest qualification around the globe.

Sebi Registered Investment Adviser(Individual, it may differ in case of company Ria) will not get any commission from the products he recommended.

Sebi Ria is capable of creating wealth for your financial goals like retirement, house, child education etc with low risk in investments based on your risk tolerance and financial situation.

He will make sure that your most important goals are achieved with peace of mind.

People treat Sebi Ria’s also as agents etc, But they are not agents.

If you are earning monthly Rs.2,00,000 and you have Rs.1,00,000 investable surplus after taxes and household expenses, Sebi Ria has the qualification, skill to give investment planning for your entire surplus Rs.1,00,000 to achieve your future financial goals like retirement house etc.

At the same time agents, Bank employees etc do not have that skill. But, people sometimes investing blindly believing these agents, Bank employees etc and losing wealth in their investments.

God must save those people.

So, Sebi Ria by charing in thousands has the potential to create wealth for you in lakhs and crores.